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GIAO TRINH THI TRUdNG CH0NG KHOAN
CH— NG 7
LUU KY, DANG KY VA THANH TOAN BU TRUTCH0NG KHOAN
7.1. NHUNG VAN DE CO BAN VE L -U KY, DANG KY VA THANH TOAN BU TRU CH0NG KHOAN
7.1.1. Khai niem
a) L—u ky chumg khan
O mCi n-Cc se co nhung khai niem rieng ve l-u ky chung khoan nh-ng nhin chung, co the hieu l-u ky chung khoan la: "Hoat dong tong hap bao gom 2 nghiep vu: l-u giu va dieu hanh chting khoan theo su uy thac cua ngudi sd huu chung khoan".
O Viet Nam, theo quyet dinh so 05/1999/QD-UBCK3 ngay 27/3/1999, luu ky chting khoan la hoat dong luu giu, bao quan chting khoan cua khach hang va giup khach hang thuc hien cac quyen cua minh doi vdi chting khoan luu ky.
Trong lich sfr da co nhieu hinh th0c l-u giu chung khoan nh-: tu l-u giu, l-u giu tai ngan hang th-ong mai hoac cong ty chung khoan; tai l-u ky (l-u giu) tai Trung tam l-u ky chung khoan.
ThCi ky dau cua TTCK, nha dau t- phai tu giu va bao quan chung khoan cho minh, dieu do da phat sinh nhieu kho khan:
- Th0 nhat, cac nha dau t- phai tu bao quan chung khoan tr-cfc nguy co bi h- hong, mat cap va that lac.
- Th0 hai, cac nha dau t- phai th-Cng xuyen theo d5i nhung thong tin ve chung khoan dang nam giu, chang han nhung thong tin ve gia ca, nhung lenh dat mua cua khach hang, thCi gian chi tra co t0c cua cac co phieu...
Th0 ba, ton nhieu chi phi cho viec van chuyen va giu an toan cho chung khoan.
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CH-ONG 7: LUU KY, DANG KY VA THANH TOAN BU TRiTCHONG KHOAN
Trudc nhung kho khan tren, cac ngan hang thuong mai va cac cong ty chung khoan da cung cap mot dich vu mcfi cho cac nha dau tu chung khoan, do la dich vu luu ky chung khoan. Dich vu nay mot mat giai quyet duoc nhung bat loi tren cho cac nha dau tu, mat khac tao nguon thu cho cac to ch0c trung gian nhan luu ky chung khoan tU phi luu giu ho chung khoan, thanh toan uy nhiem thu, uy nhiem chi, chiet khau, thu ho loi tuc chung khoan, thanh toan trai phieu den han...
b) Dang ky chufng khoan
Dang ky cMng khoan la hoat dong ghi nhan va theo doi nhung thong tin ve ngudi sd huu chung khoan, bao gom cac thong tin ve: loai chung
khoan, so lucrng chung khoan theo tUng loai cua tUng ngudi sd huu. O Viet Nam, theo quyet dinh so 05/1999/QD-UBCK3, dang ky chung khoan la viec ghi nhan quyen sd huu, cac quyen khac va nghia vu lien quan cua nguCi nam giu chung khoan bang mot he thong thong tin luu giu trong cac tai khoan luu ky chung khoan.
De thuc hien cac quyen cua minh doi vcfi chung khoan dang nam giu, nha dau tu phai thuc hien dang ky ten minh trong danh sach nguCi sd huu chung khoan cua to ch0c phat hanh va de phan biet cac loai chung khoan, cac chung khoan can duoc dang ky vcti nhung thong tin co ban sau: ten, loai chung khoan, menh gia, tong so chung khoan phat hanh.
Ngoai ra, trong hoat dong dang ky chung khoan nguCi sd huu chung khoan cung phai cung cap thong tin nhu: ten, quoc tich, dia chi, so chung khoan nam giu...
c) Thanh toan bu trfr chutng khoan
Thanh toan bu trUchting khoan la hoat dong luan chuyen chting khoan tren cac tai khoan luu ky dudi su dieu hanh cua trung tam luu ky, thanh toan bu trUchung khoan.
Hoat dong thanh toan bu trU chung khoan khong thuc hien doi vdi cac chung khoan luu ky kin, con doi vdi cac loai chung khoan duoc luu ky md thi hoat dong nay chi ap dung doi vdi chung khoan duoc luu ky tong hop.
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GIAO TRINH THI TRUdNG CHUNG KHOAN
Thuc chat cua hoat dong thanh toan bu tru:chung khoan la viec chuyen giao quyen sd huu chting khoan giua nhung khach hang co chting khoan dang duac luu ky tong hap tai mot to chtic luu ky. Co nghia la: sau khi hoat dong thanh toan bu trU chung khoan d-oc hoan tat thi co su thay doi ve quy mo phan chung khoan ma khach hang dang nam giu trong khoi l-ong chung khoan l-u ky tong hop.
De thuc hien d-oc hoat dong nay, cac chung khoan l-u ky can co cac dieu kien sau:
-Chung khoan phai la cac chung khoan d-oc chuyen nh-ong tu do, vi vay, th-Cng la cac chung khoan vo danh.
-Chung khoan phai d-oc l-u ky tong hop tai cac trung tam l-u ky.
-Cac doi tac giao dich phai co tai khoan l-u ky tong hop tai cac trung tam l-u ky.
7.1.2. Vai tro, chuc nang cua he thong l-u ky, dang ky va thanh toan bu tr- chung khoan
a) Vai tro
He thong l-u ky, dang ky va thanh toan bu trU chung khoan co vai tro het s0c quan trong doi vcfi hoat dong cua thi tr-Cng chung khoan, the hien:
- Thti nhat, thuc hien thanh toan cac giao dich chting khoan, dam bao cho cac giao dich chting khoan duoc hoan tat.
Khi giao dich chung khoan d-oc thuc hien, can co su thanh toan de chuyen giao d-oc quyen scf huu chung khoan va thanh toan d-oc tien giua cac ben tham gia giao dich. NhC hoat dong thanh toan, ng-Ci mua chung khoan nhan d-oc chung khoan va ng-Ci ban chung khoan nhan d-oc tien. Nhiem vu cua he thong la sau m6i giao dich, xac dinh d-oc ben giao chung khoan va ben nhan chung khoan, ben tra tien va ben nhan tien, khoi l-ong chung khoan giao dich va tong so tien thanh toan.
Thtihai, giup cho viec quan ly hieu qua thi truong chting khoan.
NhC nam d-oc cac thong tin ve ng-Ci sC huu chung khoan thong qua viec dang ky chung khoan, cac nha quan ly biet d-oc ty le nam giu chung
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CH-ONG 7: LUU KY, DANG KY VA THANH TOAN BU TRiTCHONG KHOAN
khoan cua nhung nguCi sd huu chung khoan, kip thCi dua ra cac quyet dinh xfr ly khi ty le sd huu cua mot so doi tuong vuot qua muc quy dinh cua phap luat chung khoan hien hanh.
Qua he thong nay, cac nha quan ly cung nhu cac nha dau tu biet duoc nhung thong tin ve cac chung khoan bi mat cap hay khong con gia tri luu hanh. Dong thCi, he thong cung dua ra nhung quy dinh doi vCi cac doi tuong tham gia nham dam bao su thong nhat giua cac thanh vien tham gia he thong, gop phan on dinh thi truCng.
Th0 ba, giam chi phi cho cac chu the tham gia thi trudng chting khoan.
Khi he thong luu ky, dang ky va thanh toan bu trU chung khoan phat trien den mot m0c do nhat dinh thi viec quan ly chung khoan se duoc thuc hien qua he thong tu dong. Dieu do lam giam duoc thCi gian, giam chi phi, tranh duoc nhung nham Hn trong khau nhan, kiem dem chung khoan khi thanh toan khong qua he thong.
Ngoai ra, he thong thuc hien viec luu ky tap trung hoac thuc hien phi vat chat hoa chung khoan nen tiet kiem duoc cac chi phi trong in an chung chi chung khoan, bao quan chung chi.
Th0 tu, gopphan giam rui ro cho hoatdong thi trudng.
Kinh nghiem cho thay, thCi gian thanh toan cang dai thi rui ro xay ra cho cac doi tuong tham gia thi truCng cang lcn. Cac rui ro xuat phat tU nhieu nguyen nhan va tU nhieu phia. Rui ro xay ra co the la do lCi cua may tinh hay do lCi cua con nguCi gay ra, hoac la rui ro do cac doi tuong tham gia mat kha nang thanh toan. He thong luu ky, dang ky va thanh toan bu trU chung khoan giup cho thCi gian thanh toan duoc rut ngan va tU do gop phan giam thieu rui ro.
VCi he thong luu ky, dang ky va thanh toan bu trU chung khoan, hau het cac thanh toan deu duoc thuc hien qua but toan ghi so, giam bCt dang ke su chuyen giao chung khoan vat chat, lam giam rui ro do bi mat cap. Ben canh do, he thong nay cho phep chung ta co the tien hanh thanh toan bu trU song phuong va da phuong, tU do rut ngan thCi gian va an toan, giam chi phi so vCi hinh th0c thanh toan bu trUtheo tUng lan giao dich.
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GIAO TRINH THI TRUdNG CHUNG KHOAN
Th0 nam, dam bao thuc hien thanh toan nhanh gop phan giup cac doi tuong cua he thong tang vdng quay cua von.
Khi ch-a co he thong l-u ky, dang ky va thanh toan bu trU chung khoan, viec chuyen giao chung khoan ton nhieu chi phi, thCi gian kiem dem, kiem tra tinh that gia cua chung khoan, va su lang phi nay xay ra cho ca hai ben mua va ban chung khoan.
Su xuat hien cua he thong l-u ky, dang ky va thanh toan bu trU chung khoan da tiet kiem d-oc chi phi va thCi gian cho cac doi t-ong tham gia thi tr-Cng. Viec thanh toan bu trU chung khoan nhanh tao dieu kien cho cac giao dich tiep theo d-oc thuc hien, giup cho nha dau t- nam d-oc thCi co kinh doanh, dong von d-oc quay vong nhanh hon.
b) Churc nang
He thong l-u ky, dang ky va thanh toan bu trU chung khoan co cac chuc nang sau:
- Th0 nhat, quan ly cac chung khoan l-u ky cua khach hang.
- Th0 hai, ghi nhan quyen sC huu va cac thong tin ve tinh tinh thay doi cua cac chung khoan l-u ky cho khach hang.
- Th0 ba, cung cap thong tin ve chung khoan gia mao, mat cap.
- Th0 t-, thuc hien cac nghiep vu thanh toan tien va chuyen giao chung khoan sau khi cac giao dich d-oc thuc hien.
- Th0 nam, xfr ly cac thong tin ve viec thuc hien quyen cua ng-Ci sC huu chung khoan doi vcfi cac to ch0c phat hanh nh-: thong bao hop dai hoi dong co dong, dai dien uy quyen... va giup khach hang thuc hien quyen thong qua mang l-cfi cua he thong.
- Th0 sau, phan phoi lai, tra von goc va co t0c cho ng-Ci sC huu chung khoan.
- Th0 bay, giup quan ly ty le nam giu cua ng-Ci sChuu chung khoan.
- Th0 tam, cung cap cac dich vu khac lien quan den chung khoan nh-: cam co chung khoan, thu ho thue...
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